# Draw a production function that exhibits diminishing marginal product of labor. Draw the associated total-cost curve. (In both cases, be sure to label the axes.) Explain the shapes of the two curves you have drawn.

### Principles of Economics, 7th Editi...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165875

Chapter
Section

### Principles of Economics, 7th Editi...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165875
Chapter 13, Problem 4QR
Textbook Problem
90 views

## Draw a production function that exhibits diminishing marginal product of labor. Draw the associated total-cost curve. (In both cases, be sure to label the axes.) Explain the shapes of the two curves you have drawn.

To determine
A production function and total cost curve

### Explanation of Solution

Figure – 1 shows the production function.

Figure –1

Figure – 1 shows the production function; here, the vertical axis measures the quantity of output and the horizontal axis represents the quantity of labor. The production function is a concave curve because of diminishing marginal product.

Figure – 2 shows the total cost curve

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Find more solutions based on key concepts
(Cooperatives) How do cooperatives differ from typical businesses?

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

What is the purpose of a petty cash fund?

College Accounting, Chapters 1-27

PRESENT VALUE OF A PERPETUITY What is the present value of a 100 perpetuity if the interest rate is 7%? If inte...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Explain the advantage of establishing a tax calendar.

College Accounting (Book Only): A Career Approach

What is accounts receivable master data?

Pkg Acc Infor Systems MS VISIO CD